Amendment ASA1-SB55

SB55-ASA1, s. 1534 Section 1534. 231.03 (20) of the statutes is created to read:

SB55-ASA1,1011,2 231.03 (20) Purchase the state's right to receive any of the payments under the tobacco settlement agreement, or make a loan to be secured by the state's right to receive any of the payments under the tobacco settlement agreement, upon such terms and at such prices as the authority considers reasonable and as can be agreed upon between the authority and the other party to the transaction. The authority may issue certificates or other evidences of ownership interest in tobacco settlement revenues upon such terms and conditions as specified by the authority in the resolution under which the certificates or other evidences are issued or in a related trust agreement or trust indenture.

SB55-ASA1, s. 1535 Section 1535. 231.16 (1) of the statutes is amended to read:

SB55-ASA1,1011,16 231.16 (1) The authority may issue bonds to refund any outstanding bond of the authority or indebtedness that a participating health institution, participating educational institution, or participating child care provider may have incurred for the construction or acquisition of a project prior to or after April 30, 1980, including the payment of any redemption premium on the outstanding bond or indebtedness and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity, or to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any portion of a project. No Except for bonds to refund bonds issued under s. 231.03 (6) (g), no bonds may be issued under this section unless the authority has first entered into a new or amended agreement with a participating health institution, participating educational institution, or participating child care provider to provide sufficient revenues to pay the costs and other items described in s. 231.13.

SB55-ASA1, s. 1536 Section 1536. 231.16 (3) of the statutes is amended to read:

SB55-ASA1,1011,24 231.16 (3) All bonds issued under this section shall be subject to this chapter in the same manner and to the same extent as other bonds issued pursuant to this chapter, except that the limitations with respect to dates under s. 231.03 (6) (e) and (f) and (14) do not apply to bonds issued under this section, and the requirement under s. 231.08 (3) that the bonds mature in 30 years or less from their date of issue does not apply to bonds issued under this section to refund bonds issued under s. 231.03 (6) (g).

SB55-ASA1, s. 1537 Section 1537. 231.215 of the statutes is created to read:

SB55-ASA1,1012,6 231.215 Incorporator for purpose related to purchase or sale of right to payments. The authority, or its executive director, may organize one or more nonstock corporations under ch. 181 or limited liability companies under ch. 183 for any purpose related to purchasing or selling the state's right to receive any of the payments under the tobacco settlement agreement and may take any action necessary to facilitate and complete the purchase or sale.

SB55-ASA1, s. 1538 Section 1538. 233.27 of the statutes is amended to read:

SB55-ASA1,1012,15 233.27 Limit on the amount of outstanding bonds. The authority may not issue bonds or incur indebtedness described under s. 233.03 (12) if, after the bonds are issued or the indebtedness is incurred, the aggregate principal amount of the authority's outstanding bonds, together with all indebtedness described under s. 233.03 (12) would exceed $106,500,000 $175,000,000. Bonds issued to fund or refund outstanding bonds, or indebtedness incurred to pay off or purchase outstanding indebtedness, is not included in calculating compliance with the $106,500,000 $175,000,000 limit.

SB55-ASA1, s. 1539 Section 1539. 234.65 (3) (f) of the statutes, as affected by 1999 Wisconsin Act 9, is amended to read:

SB55-ASA1,1012,23 234.65 (3) (f) The name of the person receiving the loan does not appear on the statewide support lien docket under s. 49.854 (2) (b). The condition under this paragraph is met for a person whose name does appear if or, if the person's name appears on that docket, the person provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).

SB55-ASA1, s. 1540 Section 1540. 234.67 (1) (f) of the statutes is amended to read:

SB55-ASA1,1013,2 234.67 (1) (f) "Percentage of guarantee" means the percentage established by the authority under sub. (3) (a).

SB55-ASA1, s. 1541 Section 1541. 234.67 (3) (a) of the statutes is renumbered 234.67 (3) and amended to read:

SB55-ASA1,1013,11 234.67 (3) Guarantee of collection. Subject to par. (b), the The authority shall guarantee collection of a percentage, not exceeding 90%, of the principal of any loan eligible for a guarantee under sub. (2). The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed, using the procedures described in the guarantee agreement under s. 234.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.

SB55-ASA1, s. 1542 Section 1542. 234.67 (3) (b) of the statutes is repealed.

SB55-ASA1, s. 1543 Section 1543. 234.83 (1) of the statutes is renumbered 234.83 (1m).

SB55-ASA1, s. 1544 Section 1544. 234.83 (1c) of the statutes is created to read:

SB55-ASA1,1013,15 234.83 (1c) Definitions. In this section:

SB55-ASA1,1013,16 (a) "Rural community" means any of the following:

SB55-ASA1,1013,18 1. A city, town, or village in this state that is located in a county with a population density of less than 150 persons per square mile.

SB55-ASA1,1013,19 2. A city, town, or village in this state with a population of 12,000 or less.

SB55-ASA1,1013,21 (b) "Small business" means a business, as defined in s. 560.60 (2), that employs 50 or fewer employees on a full-time basis.

SB55-ASA1, s. 1545 Section 1545. 234.83 (2) (a) (intro.) of the statutes is amended to read:

SB55-ASA1,1013,24 234.83 (2) (a) (intro.) A business, as defined in s. 560.60 (2), to which all of the following apply:

SB55-ASA1, s. 1546 Section 1546. 234.83 (2) (a) 2. of the statutes is amended to read:

SB55-ASA1,1014,2 234.83 (2) (a) 2. The business employs 50 or fewer employees on a full-time basis is a small business.

SB55-ASA1, s. 1547 Section 1547. 234.83 (2) (a) 3. of the statutes, as affected by 1999 Wisconsin Act 9, is amended to read:

SB55-ASA1,1014,11 234.83 (2) (a) 3. The name of the owner of the business does not appear on the statewide support lien docket under s. 49.854 (2) (b). The condition under this subdivision is met for an owner whose name does appear if or, if the name of the owner of the business appears on that docket, the owner of the business provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).

SB55-ASA1, s. 1548 Section 1548. 234.83 (3) (a) 2. of the statutes is amended to read:

SB55-ASA1,1014,15 234.83 (3) (a) 2. The start-up, expansion or acquisition of a day care business, including the purchase or improvement of land, buildings, machinery, equipment, or inventory.

SB55-ASA1, s. 1549 Section 1549. 234.83 (3) (a) 3. of the statutes is created to read:

SB55-ASA1,1014,19 234.83 (3) (a) 3. The start-up of a small business in a vacant storefront in the downtown area of a rural community, including the purchase or improvement of land, buildings, machinery, equipment, or inventory.

SB55-ASA1, s. 1550 Section 1550. 234.83 (4) (a) of the statutes is renumbered 234.83 (4) and amended to read:

SB55-ASA1,1015,6 234.83 (4) Guarantee of repayment. Subject to par. (b), the The authority may guarantee repayment of a portion of the principal of any loan eligible for a guarantee under sub. (1) (1m). That portion may not exceed 80% of the principal of the loan or $200,000, whichever is less. The authority shall establish the portion of the principal of an eligible loan that will be guaranteed, using the procedures described in the agreement under s. 234.93 (2) (a). The authority may establish a single portion for all guaranteed loans that do not exceed $250,000 and a single portion for all guaranteed loans that exceed $250,000 or establish on an individual basis different portions for eligible loans that do not exceed $250,000 and different portions for eligible loans that exceed $250,000.

SB55-ASA1, s. 1551 Section 1551. 234.83 (4) (b) of the statutes is repealed.

SB55-ASA1, s. 1552 Section 1552. 234.90 (3) (d) of the statutes, as affected by 1999 Wisconsin Act 9, is amended to read:

SB55-ASA1,1015,15 234.90 (3) (d) The farmer's name does not appear on the statewide support lien docket under s. 49.854 (2) (b). The condition under this paragraph is met for a farmer whose name does appear if or, if the farmer's name appears on that docket, the farmer provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).

SB55-ASA1, s. 1553 Section 1553. 234.90 (3g) (c) of the statutes, as affected by 1999 Wisconsin Act 9, is amended to read:

SB55-ASA1,1015,23 234.90 (3g) (c) The farmer's name does not appear on the statewide support lien docket under s. 49.854 (2) (b). The condition under this paragraph is met for a farmer whose name does appear if or, if the farmer's name appears on that docket, the farmer provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).

SB55-ASA1, s. 1554 Section 1554. 234.90 (4) (a) of the statutes is renumbered 234.90 (4) and amended to read:

SB55-ASA1,1016,4 234.90 (4) Guarantee. Except as provided in par. (b), the The authority shall guarantee repayment of 90% of the principal of any agricultural production loan eligible for guarantee under sub. (2) made to a farmer eligible for a guaranteed loan under sub. (3) or (3g).

SB55-ASA1, s. 1555 Section 1555. 234.90 (4) (b) of the statutes is repealed.

SB55-ASA1, s. 1556 Section 1556. 234.907 (1) (f) of the statutes is amended to read:

SB55-ASA1,1016,8 234.907 (1) (f) "Percentage of guarantee" means the percentage established by the authority under sub. (3) (a).

SB55-ASA1, s. 1557 Section 1557. 234.907 (3) (a) of the statutes is renumbered 234.907 (3) and amended to read:

SB55-ASA1,1016,17 234.907 (3) Guarantee of collection. Subject to par. (b), the The authority shall guarantee collection of a percentage, not exceeding 90%, of the principal of any loan eligible for a guarantee under sub. (2). The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed, using the procedures described in the guarantee agreement under s. 234.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.

SB55-ASA1, s. 1558 Section 1558. 234.907 (3) (b) of the statutes is repealed.

SB55-ASA1, s. 1559 Section 1559. 234.91 (5) (a) of the statutes is amended to read:

SB55-ASA1,1016,24 234.91 (5) (a) Subject to par. (c), the The authority shall guarantee collection of a percentage of the principal of a loan eligible for a guarantee under sub. (2). The principal amount of an eligible loan that the authority may guarantee may not exceed the borrower's net worth or 25% of the total loan amount, whichever is less, calculated at the time the loan is made.

SB55-ASA1, s. 1560 Section 1560. 234.91 (5) (c) of the statutes is repealed.

SB55-ASA1, s. 1561 Section 1561. 234.93 (3) (title) of the statutes is amended to read:

SB55-ASA1,1017,3 234.93 (3) (title) Increases or decreases in loan Loan guarantees ; increases or decreases.

SB55-ASA1, s. 1562 Section 1562. 234.93 (3) of the statutes is renumbered 234.93 (3) (b) and amended to read:

SB55-ASA1,1017,16 234.93 (3) (b) The authority may request the joint committee on finance to take action under s. 13.10 to permit the authority to increase or decrease the total principal amount or total outstanding guaranteed principal amount of loans that it may guarantee under a program the aggregate of the programs guaranteed by the Wisconsin development reserve fund. Included with its request, the authority shall provide a projection, for the next June 30, that compares the amounts required on that date to pay outstanding claims and to fund guarantees under all the aggregate of the programs guaranteed by funds from the Wisconsin development reserve fund, and the balance remaining in the Wisconsin development reserve fund on that date after deducting such amounts, if the increase or decrease is approved, with such amounts and the balance remaining, if the increase or decrease is not approved.

SB55-ASA1, s. 1563 Section 1563. 234.93 (3) (a) of the statutes is created to read:

SB55-ASA1,1017,22 234.93 (3) (a) Except as provided in par. (b), the total principal amount or total outstanding guaranteed principal amount of all loans that the authority may guarantee under the aggregate of the programs guaranteed by funds from the Wisconsin development reserve fund, excluding the program under s. 234.935, 1997 stats., may not exceed $49,500,000.

SB55-ASA1, s. 3125c Section 3125c. 234.93 (4) (c) of the statutes is created to read:

SB55-ASA1,1018,14 234.93 (4) (c) 1. The statement under par. (b) shall include recommendations as to the total principal amount or total outstanding guaranteed principal amount of all loans that the authority may guarantee under each of the programs guaranteed by the Wisconsin development reserve fund, subject to sub. (3). If the cochairpersons of the joint committee on finance do not notify the executive director within 14 working days after August 31 that the committee has scheduled a meeting for the purpose of reviewing the recommended maximum amounts, the recommended maximum amounts shall be the total principal amounts or total outstanding guaranteed principal amounts of all loans that the authority may guarantee under each of the programs guaranteed by the Wisconsin development reserve fund. If, within 14 working days after August 31, the cochairpersons of the committee notify the executive director that the committee has scheduled a meeting for the purpose of reviewing the recommended maximum amounts, the maximum amounts that the authority may guarantee under each of the programs guaranteed by the Wisconsin development reserve fund shall be the maximum amounts approved by the committee.

SB55-ASA1,1019,6 2. If the total principal amount or total outstanding guaranteed principal amount of all loans that the authority desires or intends to guarantee under a program guaranteed by the Wisconsin development reserve fund will exceed the maximum amount that was last approved for the program under subd. 1., the executive director of the authority shall provide to the secretary of administration and to the joint committee on finance notice of the proposed new maximum guarantee amounts for each of the programs guaranteed by the Wisconsin development reserve fund, subject to sub. (3). If the cochairpersons of the joint committee on finance do not notify the executive director within 14 working days after the date of the notice under this subdivision that the committee has scheduled a meeting for the purpose of reviewing the proposed new maximum amounts, the proposed new maximum amounts shall apply. If, within 14 working days after the date of the notice under this subdivision, the cochairpersons of the committee notify the executive director that the committee has scheduled a meeting for the purpose of reviewing the proposed new maximum amounts, the new maximum amounts that the authority may guarantee shall be the maximum amounts approved by the committee.

SB55-ASA1, s. 1564 Section 1564. 234.93 (4m) of the statutes is amended to read:

SB55-ASA1,1019,11 234.93 (4m) Limitation on loan guarantees. The authority shall regularly monitor the cash balance in the Wisconsin development reserve fund. The authority shall ensure that the cash balance in the fund is sufficient for the purposes specified in sub. (4) (a) 1. and, 2., and 3.

SB55-ASA1, s. 1565 Section 1565. Chapter 237 of the statutes is created to read:

SB55-ASA1,1019,15 Chapter 237 Fox River Navigational System Authority

SB55-ASA1,1019,16 237.01 Definitions. In this chapter:

SB55-ASA1,1019,17 (1) "Authority" means the Fox River Navigational System Authority.

SB55-ASA1,1019,18 (2) "Board of directors" means the board of directors of the authority.

SB55-ASA1,1019,20 (3) "Fiscal year" means the period beginning on July 1 and ending on the following June 30.

SB55-ASA1,1019,21 (4) "Lock" includes any spillway associated with the lock.

SB55-ASA1,1019,25 237.02 Creation and organization of authority. (1) There is created a public body corporate and politic to be known as the "Fox River Navigational System Authority." The board of directors of the authority shall consist of the following members:

SB55-ASA1,1020,2 (a) Six members nominated by the governor, and with the advice and consent of the senate appointed, for 3-year terms.

SB55-ASA1,1020,3 (b) The secretary of natural resources, or his or her designee.

SB55-ASA1,1020,4 (c) The secretary of transportation, or his or her designee.

SB55-ASA1,1020,5 (d) The director of the state historical society, or his or her designee.

SB55-ASA1,1020,8 (1m) (a) Two of the 6 members appointed under sub. (1) (a) shall be residents of Brown County, 2 shall be residents of Outagamie County, and 2 shall be residents of Winnebago County.

SB55-ASA1,1020,11 (b) At least one of the 2 members appointed from each of the counties specified in par. (a) shall be a resident of a city, village, or town in which is located a lock that is part of the navigational system.

SB55-ASA1,1020,14 (2) A vacancy on the board of directors shall be filled in the same manner as the original appointment to the board of directors for the remainder of the unexpired term, if any.

SB55-ASA1,1020,17 (3) A member of the board of directors may not be compensated for his or her services but shall be reimbursed for actual and necessary expenses, including travel expenses, incurred in the performance of his or her duties.

SB55-ASA1,1020,21 (4) No cause of action of any nature may arise against and no civil liability may be imposed upon a member of the board of directors for any act or omission in the performance of his or her powers and duties under this chapter, unless the person asserting liability proves that the act or omission constitutes willful misconduct.

SB55-ASA1,1021,2 (5) The members of the board of directors shall annually elect a chairperson and may elect other officers as they consider appropriate. Five voting members of the board of directors constitute a quorum for the purpose of conducting the business and exercising the powers of the authority, notwithstanding the existence of any vacancy. The board of directors may take action upon a vote of a majority of the members present, unless the bylaws of the authority require a larger number.

SB55-ASA1,1021,15 (6) The board of directors shall appoint a chief executive officer who shall not be a member of the board of directors and who shall serve at the pleasure of the board of directors. The authority may delegate by resolution to one or more of its members or its executive director any powers and duties that it considers proper. The chief executive officer shall receive such compensation as may be determined by the board of directors. The chief executive officer or other person designated by resolution of the board of directors shall keep a record of the proceedings of the authority and shall be custodian of all books, documents, and papers filed with the authority, the minute book or journal of the authority, and its official seal. The chief executive officer or other person may cause copies to be made of all minutes and other records and documents of the authority and may give certificates under the official seal of the authority to the effect that such copies are true copies, and all persons dealing with the authority may rely upon such certificates.

SB55-ASA1,1021,17 237.03 Duties of authority. (1) General duties. In addition to all other duties imposed under this chapter, the authority shall do all of the following:

SB55-ASA1,1021,19 (a) Adopt bylaws and policies and procedures for the regulation of its affairs and the conduct of its business.

SB55-ASA1,1021,20 (b) Contract for any legal services required for the authority.

SB55-ASA1,1021,22 (c) Establish the authority's annual budget and monitor the fiscal management of the authority.

SB55-ASA1,1021,24 (d) Procure liability insurance covering its officers and employees and procure insurance against any loss in connection with its property and other assets.

SB55-ASA1,1022,2 (e) Make every reasonable effort to contract with one or more corporations to provide the services specified under s. 237.09 (2).

SB55-ASA1,1022,5 (2) Duties upon leasing. Upon entering into the lease under s. 237.06, the authority shall rehabilitate, repair, replace, operate, and maintain the navigational system.